Full text of Annual Report of the Federal Reserve Bank of St. Louis : Second Annual Report of the Federal Reserve Bank of St. Louis for the Year Ended December 31, 1916

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SECOND ANNUAL REPORT
OF THE

FEDERAL RESERVE BANK
OF ST. LOUIS
FOR THE YEAR ENDED DECEMBER 31, 1916

WASHINGTON
GOVERNMENT PRINTING OFFICE
1^17




iSV^^/'f^V




TABLE OF CONTENTS.
Page.

Earnings and expenses
5
C o m p a r a t i v e b a l a n c e s h e e t s , 1915-16
5
Profit a n d loss s t a t e m e n t s
6
General business and banking conditions
6
Discount operations
7
Discount rates
8
Acceptances purchased
9
United States bond operations
9
Municipal warrants purchased
9
R e s e r v e p o s i t i o n of b a n k
10
Membership within the district
10
Relations with national banks. State banks, and trust companies
11
A c c o m m o d a t i o n of m e m b e r b a n k s t h r o u g h d i s c o u n t s a n d t h e p u r c h a s e of a c ceptances
12
P e t i t i o n of L o u i s v i l l e for a b r a n c h b a n k
13
Agency at Memphis
13
M e m b e r b a n k s ' d e p o s i t s i n e x c e s s of r e s e r v e r e q u i r e m e n t s a n d o v e r d r a f t s
14
P e n a l t i e s for r e s e r v e d e f i c i e n c i e s
16
E x a m i n a t i o n of m e m b e r b a n k s
15
F i d u c i a r y powers granted
15
Bill-of-lading d r a f t s
16
Open-market operations
16
Relations with t h e public
17
Government deposits
17
F e d e r a l R e s e r v e n o t e issues
18—22
I n t e r n a l m a n a g e m e n t of t h e b a n k
T
22
Directors elected
:
22
B a n k premises
23
E x a m i n a t i o n of t h e b a n k
23
Clearings a n d c o l l e c t i o n s
23-25
S u m m a r y of c o n d i t i o n s i n t h e d i s t r i c t
25
EXHIBITS.
A.
B.
C.
D.
E.
F.
J.

C o m p a r a t i v e s t a t e m e n t of c o n d i t i o n , 1915-16
Profit a n d loss s t a t e m e n t
V o l u m e of r e d i s c o u n t s a c c e p t e d , b y S t a t e s
R e d i s c o u n t o p e r a t i o n s , classified b y m a t u r i t i e s
Fiduciary powers granted to national banks
G, H , I . F e d e r a l R e s e r v e n o t e issues
O p e r a t i o n of c l e a r i n g s y s t e m

26
27
27
28
28
29-31
31
3

4




3642




SECOND ANNUAL REPORT OF THE FEDERAL RESERVE
BANK OF ST. LOUIS.
WILLIAM M C C . M A R T I N ,

Chairman of t h e Board and Federal Reserve Agent.

FINANCIAL

R E S U L T S OF

OPERATION.

During the year 1916, the earnings of the Federal Reserve Bank
of St. Louis amounted to $286,158.53. For the same period, the
expenses of the bank were SI45,140.98, leaving net earnings of
$141,017.55. The organization expense, carried over from last year,
amounted to $97,169,29. This was all charged off during this year,
leaving a net gain from the opening of the bank to December 31, 1916,
of $43,848.26.
All organization expenses and operating expenses having been
cared for, the board of directors of the Federal Reserve Bank of
St. Louis declared a dividend of 6 per cent, payable December 30,
1916, for the period from the opening of the bank to March 31, 1915.
The first installment of capital stock of this bank was paid in on
November 2, 1914, and on such installments the dividend commenced
a t t h a t time.
After the payment of this dividend there remained on December 31,
1916, undivided profits amounting to $12,748.15.
The ratio of expenses to earnings, which for J a n u a r y was 174.4
per cent, steadily decreased throughout the year, until for December
this ratio was 37.35 per cent.
C O M P A R A T I V E B A L A N C E S H E E T S F O R DECEMBER 31, 1915—16.

There is attached to this report, as Exhibit A, a comparative statement of the condition of this bank as of December 31, 1915, and
December 31, 1916,
This statement discloses an increase in earning assets of
$8,814,675.68, the increase being very large in all classes of investments, except bills rediscounted for member banks. The latter
show an increase of only $80,859.45. The principal source of income
during 1916 w^ere open market purchases of bankers' acceptances.
Deposits, both gross and net, also sho\v a very large increase. The
total reserve cash increased from $9,165,162, on December 31, 1915,
to $16,187,123 on December 31, 1916. However, due to a considerable increase in net deposits during the year 1916 and to the
fact t h a t w^e had more money invested, the percentage of cash reserve
against all liabilities shows a reduction from 82.1 to 60.8 per cent.



5

6

A N I ^ U A L K E P O K T OF F E D E R A L K E S E R V E B A N K O F S T . L O U I S .

PROFIT

AND

LOSS S T A T E M E N T S F R O M T H E O P E N I N G O F
T H R O U G H 1915 A N D F O R T H E Y E A R 1916.

THE

BANK

During the year 1914, our earnings were entirely confined to bills
rediscounted for member banks, and for the month and a half we
w^ere in operation t h a t year the earnings amounted to $9,462.97.
For the year 1915 our earnings from bills rediscounted for member
banks \vere $44,835.51. During 1916, our earnings from this source
amounted to $46,041.34.
Attached hereto, as Exhibit B, is a profit and loss statement. This
shows a decided increase in all other forms of earnings.
Current expenses for the ^v'ear 1915 \vere $130,735.74. Current
expenses for 1916 w^ere $124,571.63, showing a slight decrease.
GENERAL

BUSINESS

AND

BANKING

CONDITIONS

IN

THE

DISTRICT.

The year 1915 closed w t l i business houses, generally speaking,
busy. Country merchants were buying freely. There had been a
steady and normal improvement throughout the year, and the indications were t h a t the year 1916 would be a period of unusual prosperity.
The beginning of the ne^v year showed a continued and steady
improvement in business conditions in all lines, increasing from m o n t h
to monthv I t s close found business at an extremely high level.
During the year prices of commodities have steadily increased, b u t
at the close of the year have not reached a point which has curtailed
the demand. The year closes with a steady demand for both luxuries and necessities, for although prices have increased, m a n y m a n u facturing and business concerns have increased the \vages of their
employees or have given them Christmas bonuses.
The agricultural portions of the district are in especially good
condition. I t is true that the major crops—cotton, corn, w^lieat, and
oats—showed a considerable reduction in comparison w^ith last year,
b u t this was made up in the prices t h a t the farmer received for them.
I n some portions of the district farmers paid bonuses to the banks to
take up their loans before maturity, and at the same time increased
their deposits in the banks. The hay crop, on the whole, was the
largest ever raised, and this means t h a t there is an abundance of
food for live stock.
The cotton crop in this district came through the year in better
condition than the cotton crops in other sections. I t moved very
rapidly in this district and the banks in the cotton sections w^ere
able to handle the situation w^ith a minimum of outside help
There was a car shortage throughout the year, and this had considt^rable effect on business in general. Because it was difficult to



A N N U A L REPOBT OF FEDEBAL BESEBVE BANK OF ST. LOUIS.

7

get prompt shipments, in the last months of the year there arose an
unusual demand for shipments in the near future.
A comparison of this yearns combined averages of crop yields, by
States in this district, gives the followring results, counting the 10-year
average at 100 per cent: Kentucky makes the best shoA\^ing, ^vith
102.5 per cent; Tennessee next, with 101 per cent; then comes Illinois, with 95.7 per cent; followed by Arkansas, ^\rith 92.4 per cent;
then Missouri, with 78.8 per cent; and Mississippi, ^vith 67.4 per
cent.
The condition of the winter ^\^heat in this district is estimated to
be 3.9 per cent belo\v last year and 4.6 per cent below the 10-year
average. However, the weather is seasonable, and the snowfalls
should help the wheat considerably.
Accordmg to the report of the St. Louis National Stock Yards,
Avhich fairly reflects the movement of stock in this district, on December 31, 1916, there had been an increase in the receipts of cattle
during 1916 over last year of 208,621 head. There w^as also an increase in the shipments of cattle over last year of 43,978 head. Receipts of hogs for 1916 showed an increase over the previous year of
465,646 head, and shipments of hogs showed an increase of 79,335
head. The receipts of sheep during 1916 had increased 22,697 head
over 1915, and the shipments had increased 14,388 head. Receipts
of horses and mules during 1916 sho\ved a decrease, as compared
with the previous year, of 3,794 head, and the shipments showed a
decrease of 11,628 head.
Postal receipts and clearings throughout the district sho-w a general
increase for the year. While there has been some increase in building,
this has not kept pace w^ith the increase in other industries.
The year ends Avith all the banks in this district having deposits
at a high level. . At the beginning of the year the average rate charged
by banks to customers, in the larger cities, was approximately 5 per
cent, ^ t h the rates in* the smaller communities somewhat higher.
As the year ends, the rates charged by St. Louis banks are from 4 to
4 i per cent, and the rates to customers in other portions of the district
range from 5 to 8 per cent.
ACTIVITIES OF THE F E D E R A L R E S E R V E B A N K DURING THE

YEAR.

DISCOUNT OPERATIONS.

Total rediscounts accepted by this bank during the year 1916
amounted to $8,842,666.57. Of this amount $5,379,940.45 consisted
of notes or single-name paper; $626,226.12 of trade acceptances or
two-name paper; $1,534,000 of commodity paper; and $1,302,500 of
notes of member banks secured by eligible commercial paper as col


8

A N N U A L R E P O E T OF F E D E R A L R E S E R V E B A N K O F S T . L O U I S .

lateral. From the opening of the bank on November 16, 1914, to
December 31, 1915, the total rediscounts accepted b y the b a n k
amounted to $8,231,082.92. Thus there Avas an increase in the
amount of rediscounts accepted by the Federal Reserve Bank during
1916 over the first 13 i months of the operation of the b a n k of
$611, 583.65. Of the total amount rediscounted for member b a n k s
$502,608.09 represents the amount of paper discounted for 18 b a n k s
in Arkansas, $719,457.99 the amount discounted for 32 banks in Illinois, $404,000.60 for 10 banks in Indiana, $907,697.17 for 10 b a n k s
in Kentucky, $485,674.73 for 7 banks in Mississippi, $2,234,594.09
for 26 banks in Missouri, and $3,588,633,90 for 11 banks in Tennessee.
During 1916 there were 3,133 notes rediscounted for member
banks. During the first 13i months of the bank's operations 3,828
notes "Were accepted, showing a decrease of 695 in the number of
notes handled.
Attached hereto as Exhibit C is a table showing the volume of rediscounts accepted from each State each month, the total amount
accepted from each State during the year 1916, and the number of
banks in each State rediscounting each month.
REDISCOUNT

RATES.

No changes of any importance \vere made in the discount rates of
this bank during the year. On March 23, 1916, a rate of 3 per cent
was established on trade acceptances maturing \vithin 60 days. On
-September 16 a rate of 3 per cent was established on promissory notes
of member banks secured by collateral having maturity of not exceeding 15 days, and the same rate was made applicable to rediscounted paper maturing \vithin 15 days. On November 20 the rate
on agricultural paper maturing from 91 days to six months \vas lo^vered from 5 to 4^ per cent. On December 29 the rate on commercial
paper and promissory notes of member banks maturing -within 15
days, and on commodity paper maturing ^vithin 90 days, was increased from 3 to 3^ per cent.
The following schedule shows the rates in effect at the first of the
year and the changes made during the year:
10 d a y s .

J a n . 1, 1916
M a r . 23, 1916
S e p t . 16,1916
N o v . 20, 1916
D e c . 29, 1916




3
3
3
3
3§

15 d a y s .

3
3
3i

Com90 d a y s . 6 m o n t h s . m o d i t y
paper.
4
4
4
4
4

5
5
5
4i
4i

3
3
3
3
3*

Trade acceptances.
60 d a y s .

i*
3
3
3

90 d a y s .
3i
3i
3^
3i
3i

Collateral
notes.

3
3
3^

A N K U A L REPORT OF FEDERAL RESERVE B A N K OF ST. L O U I S .

9

Attached hereto as Exhibit D is a table show^ing the rediscount
operations of this bank classified by maturities, classes of paper,
and months in ^svhich rediscounted.
Of the total amount of paper rediscounted b y this bank, 10.06 per
cent Avas of 10 days or less m a t u r i t y ; 33.14 per cent of 11 to 30 days
maturity; 22.71 per cent of 31 to 60 days m a t u r i t y ; 29.10 per cent of
61 to 90 days maturity, and 4.97 per cent of 91 days to 6 months
maturity.
ACCEPTANCE

BUSINESS.

This bank during the year 1916 purchased a total of $20,681,821.58
bankers' acceptances, practically all of them through the Federal
Keserve Banks of Ne^v York and Boston. Only $242,500 of acceptances w^ere purchased in this district.
Rates on these acceptances, net to the bank, have ranged from I J
to 3 i per cent. The average rate during 1916 Tvas 2.34 per cent.
Domestic bankers acceptances amounting to $1,532,365.64 were
handled during 1916. Of all of the acceptances purchased during
the year $8,253,041.87 were bought from member banks and
$12,428,779.71 were purchased from nonmember banks.
U N I T E D STATES BOND

OPERATIONS.

During the year all of the United States bonds purchased were
bought in the open market. Our total purchases amounted to
$2,419,000. We converted $1,786,100 United States 2 per cent
bonds into $895,100 of 3 per cent conversion bonds, without the
circulation privileges, and $891,000 of one-year Treasury notes.
The bank sold during 1916 $295,100 of the 3 per cent conversion
bonds. At the close of the year there were on hand, against T\rhich
circulating notes could be issued, $1,080,000 United States 3^s of
1918 and $522,900 United States 2's, consols of 1930. This bank
has not as yet issued any circulation against Government bonds.
MUNICIPAL

T^TARRANTS.

We purchased during 1916 a total of $3,582,000 par value municipal
warrants at rates ranging from 2J to 3f per cent. The average
rate on these ^varrants w^as 2.72 per cent.
The classification of these \^^arrants by character of issuing bodies
is as follo^\rs:
Town warrants
City warrants
County warrants
State warrants
85719—17
2




$183,
2, 999,
10,
390,

000
000
000
000

10

A]isr:isnjAL K E P O R T O F F E D E R A L R E S E R V E BAN^K O F S T . L O U I S .

C H A N G E S IN T H E R E S E R V E POSITION O F T H E B A N K D U R I N G T H E Y E A R .

I n J a n u a r y the b a n k commenced \^ith a reserve against deposits
(after deducting 40 per cent reserve against Federal Keserve notes
outstanding) of 80.8 per cent. During J a n u a r y and Februray a
considerable number of national b a n k notes w^ere paid in b y membe^
banks chiefly in settlement of clearing-house balances in St. Louis
until we held $3,000,000 of them. This so reduced our reserve
t h a t on February 18 the reserve against deposits was 43.8 per cent.
Steps w^ere immediately taken to prevent member banks from depositing national bank notes, and a gradual reduction of the notes on
hand and conversion into reserve money raised the reserve to 68.8
per cent on April 21.
I n May a reduction in Government deposits b y a transfer of
$3,000,000 in gold reduced the reserve to 59.3 per cent and during
the months of J u n e \ i n d July an increased investment of $2,000,000
further tended to decrease the reserve, the figures on J u l y 28 being
52.8 per cent. During the remainder of the year the reserve gradually increased, and on December 30 the reserve carried was 60.8
per cent.
T H E F E D E R A L K E S E R V E B A N K AND M E M B E R B A N K S .
CHANGES IN MEMBERSHIP DUE TO TRANSFERS FROM AND TO OTHER
DISTRICTS.

There has been no change in the boundary lines of this district
during the year, and therefore no change in membership due to transfers from and to other districts.
MOVEMENT

OF MEMBERSHIP

WITHIN

THE

DISTRICT.

On J a n u a r y 1, 1916, the Federal Reserve Bank of St. Louis had
467 member banks, and its authorized capital stock 'was $5,565,000,
of which $2,781,000 was paid in.
During the year nine new national banks became members of this
bank, increasing its authorized capital stock in the sum of $24,100.
Four of these new national banks ^vere conversions of State institutions into national banks. The other five w^ere new^ institutions.
One hundred and t^wenty-one member banks applied for and w^ere
allotted 464 additional shares of stock of this bank, further increasing its authorized capital in the sum of $46,400.
During 1916 six member banks, having a total of 141 shares of
stock of this bank, surrendered their membership through liquidation. One, having 150 shares, surrendered its holdings through
receivership proceedings, and three surrendered a portion of their
holdings, aggregating 69 shares, on account of reductions in their



A:N^IVI^AL R E P O E T

OF FEDERAL

BESERVE

BAKK

OF

ST. LOUIS.

11

capital or surplus. This decreased the capital stock of this bank
in the sum of $36,000. The six member banks which liquidated
w^ere each converted into a S t a t e institution.
At the close of the year 1916 this bank had a total of 469 member
banks, and its authorized capital \\^as $5,590,500, of which $2,799,750
w^as paid in. Over 1915 this sho^vs a net increase of tw^o in the number of member banks and a net increase in paid-in capital stock of
$18,750.
R E L A T I O N TO N A T I O N A L B A N K S , S T A T E B A N K S , A N D T R U S T C O M P A N I E S .

Durmg the first year of this bank's existence it w^as not unusual
to hear a member bank state t h a t it had no paper t h a t was eligible
for rediscount with the Federal Reserve Bank. Sometimes the
statement was made that a b a n k could not do business with the
Federal Reserve Bank because there was too much ^'red tape.^'
Now member banks have ceased making such statements. This is
because we have been able to show^ practically all of our banks t h a t
the majority of the paper th^ey have in their portfolios is eligible
for rediscount, and when they have rediscounted Avith us they have
found t h a t in reality there is no ^'red t a p e " at all, b u t t h a t their
rediscounts are handled promptly and in a manner extremely satisfactory to them.
This bank has at all times done everything in its powder to be of
real assistance to its member banks, and the officers have considered
it a privilege to explain the w^orkings of the Federal Reserve system
and to have an opportunity to show^ hoAv, through tlie Federal Reserve
Bank, the member banks can obtain a real benefit. I t is believed
t h a t if there is any lack of understanding betw^een the Federal
Reserve Bank and any of its member banks it is because the member
bank has not given the Federal Reserve Bank the opportunity for
conference.
Circulars have been issued explaining fully the operations of the
bank, b u t at times it has been very discouraging to discover that the
circulars have not been read. There have been instances where officers of member banks have visited us and asked certain questions,
saying that it Avould be a great help if they could do certain things.
We have been able to answ^er their questions by handing them a
circular issued by this bank showing that, in some instances as long
as for tw^o months, had the banker read the circular he might have
been receiving a benefit. I t is our effort never to issue an unnecessary circular, and it w^ould be a great gratification to this bank and,
Msre believe, a help to the meiTiber bank not only in accommodation,
b u t frequently in profits, if our circulars w^ere not laid dow^n until
read and thoroughly understood. If there is any question about it,
the officers of this bank will take great pleasure in ans^vering inquiries.



12

AN^XUAL R E P O R T OF F E D E R A L R E S E R V E BAISTK O F S T . L O U I S .

ACCOMMODATION

OF MEMBER, BANKS T H R O U G H DISCOUNTS
PURCHASE OF ACCEPTANCES.

AND

THE

Below is given a table showing the number of different member
banks offering rediscounts from each State each month during 1916,
the total number of different banks offering rediscounts from the
A\^hole district each month, the number and percentage of different
banks offering rediscounts from each State during the year, and the
number and percentage of different banks offering rediscounts in
the \vhole district during the year.
2^^
!=!
^

ti. ' i

(-1 ai
(-4

(-1

o

t-l

c3

i

S

O

0X3

o

C3

-1

O

a

a

t>
o
^

o
03
p

as

a

Indiana
Kentucky
Mississipi^i
Missouri
Tennessee

5
9
4
2
2
12
7

2
6
2
3
0
7
2

5
9
2
1
3
7
3

4
8
2
3
1
12
2

4
15
3
3
2
12
1

10
2
1
2
13
5

.6
11
2
2
2
9
7

7
7
3
3
3
6
8

7
9
1
2
4
6
8

2
8
3
2
3
6
4

0
8
3
5
2
4
3

2
5
0
3
1
6
2

18
32
10

Total

41

22

30

32

40

40

39

37

37

28

25

19

l-s

<

CQ

^

r*
-t-s
0

0

e

PM

l-s

as
a lis
P-i

^'^ 0

/
26
11

67
157
61
67
17
80
20

26.8
20.4
16.4
14.9
41.2
32.5
55.0

114

469

24.5

I n an earlier part of this report the amount of accommodation
rendered member banks through rediscounts has been given in detail.
The member banks in this district have practically made no acceptances based on imports or exports, and only toward the close of the
year have they begun to make domestic acceptances. These acceptances, so far, have amounted to $1,231,600 and have come in great
p a r t from Memphis.
Money has been exceptionally easy throughout the year. The obligations for money borrow^ed by member banks have been smaller in
amount than usual, and this has been reflected in the extent of
accommodaitons requested from this bank. Last year 129 difl'erent
member banks rediscounted with us. This year, while the total
a m o u n t of rediscounts shoA\"s a slight increase, the number of banks
accommodated ^vas only 114, showing a decrease of 15,
We have continued the policy of requiring financial statements
either made by the borro^vers or b y the borrow^ing bank in every
instance Avhere paper has been accepted by us. This policy is resulting in the defining of credit terms and the standardizing of credit in
this district.
The following table shows the total borrowings of member banks
in this district on the dates of the different calls of the Comptroller



AISri^UAL R E P O R T

OF FEDERAL

RESERVE

BAISTK O F

ST.

LOUIS.

13

of the Currency during 1916, the amount rediscounted with the Federal Reserve Bank of St. Louis, and the percentage of such rediscounts of their total borrow^ings:
Redist t
T o t a l b o r - wcio hu i Feedd - P e r c e n t t
age.
r o w i n g s . eral R e s e r v e
Bank.

D a t e of call.

$2,205, 000
1,932, 000
1,809, 000
3, 719, 000
3, 642, 000

M a r . 7, 1916,.
M a y 1, 1916..
June 30, 1916.
S e p t . 12, 1916
N o v . 17, 1916

PETITION

OF

LOUISVILLE

FOR A

BRANCH

$675,000
534,000
584,000
1,076,000
1,954,000

30.6
27,6
32. e
28.9
53.6

BANK.

On July 5, 1916, t h e board of directors of the Federal Reserve
Bank of St. Louis received a petition from member banks located in
Louisville asking for t h e establishment of a branch of this bank in
t h a t city and requesting a hearing. This hearing was set for September 20, and on t h a t d a y a committee of 10 gentlemen, of which Mr.
E m b r y L. Swearingen, president of the First National Bank of
Louisville, was chairman, came before the board of this bank. O n
their behalf, Messrs. John W. Barr, jr., F . M. Gettys, and Percy H .
Johnston presented the arguments for a branch. Later, on December 21, another hearing was held in regard to this m a t t e r before the
Federal Reserve Board a t Washington. At this writing the petition
is still under consideration,
MEMPHIS

AGENCY.

At the request of member banks in Memphis, and in order to assist
them every way in our power during the cotton season, on September
25 this bank sent Mr. T. C. Tupper, manager of the credit department, to open an agency in t h a t city. H e rented an office and t h e
necessary safe deposit space.
Notes, trade acceptances, and bank acceptances, secured b y warehouse receipts issued b y the Memphis Terminal Corporation, were
rediscounted for member banks and the collateral held in t h e
custody of our agent. I n this way substitutions of one receipt for
another were permitted without delay and inconvenience. The
bank^s representative h a d complete charge of t h e collateral, b u t
could only have access to the safe deposit boxes containing it, in t h e
presence of a representative of a bonding company. On October 11^
Mr. W. H . GlasgoAv, assistant to the Federal Reserve Agent, relieved
Mr. Tupper, and vrill remain in charge of the offiqe until it is closed*
Member banks in Memphis used the facilities offered freely, and
up to December 30, 1916, this bank h a d accepted paper secured b y



14

A N N U A L BEPORT OF FEDERAL RESERVE B A N K OF ST. LOUIS,

warehouse receipts for cotton in the custody of the Memphis agency
to the amount of $1,640,500.
I t is proposed to maintain the Memphis office to the close of the
cotton season, and unless something occurs the season w^ill end earlier
t h a n usual. I t no\sr seems t h a t the office m a y be closed b y February
1, 1917. I t is felt t h a t the maintenance of this office has been of
material assistance to Memphis member banks, supplying them w^ith
the necessary funds to move the crop in the territory tributary to
t h a t city.
MEMBER B A N K S ' DEPOSITS IN EXCESS OF RESERVE

REQUIREMENTS

AND

OVERDRAFTS.

The following figures, taken from the copies of reports of condition
received from member banks, rendered under calls of the comptroller, and from the books of this bank, give a comparison of the
member banks' deposits 'with us with their reserve requirements:
Minimum
reserve
required.

M a r . 7, 1916
M a y 1, 1916
J u n e 30, 1916
S e p t . 12,1916

1
i
1

$13,520,000
14,269,000
16,391, 000
17,512,000

Balance
shown b y
Federal Reserve B a n k
books.
$15,405,000
14,392,000
18, 270,000
18,936, 000

Excess.

$1, 885, 000
123,000
1,879,000
1,424,000

On March 7 a comparison of our member banks' reserve balances
on our books w^ith their minimum reserve requirements as calculated
from copies of their reports of condition indicated t h a t 243 members
were deficient in their reserves, and t h a t 227 members w^ere maintaining balances equal to or in excess of their reserve requirements.
The total amount of deficiencies w^as $800,000, and the total excesses
$2,685,000. Most of the deficiencies were from small banks, and the
majority of the excesses were from banks in reserve cities, particularly St. Louis.
On May 1 the total number of member banks deficient in their
reserves was 281, and the total number maintaining balances equal
to or in excess of their reserve requirement was 189. The total
amount of deficiencies was $943,000 and the total amount of excesses
was $1,066,000.
No figures in this connection are available for June 30 and Sei>tember 12.
From November 1 to 12, inclusive, 121 member banks show^ed
deficient reserves and were i)enalized on the deficiency, the total
amount of penalties being $1,259.86.
The following is a record of overdrafts of member b a n k s :



AITNUAL REPORT OF FEDERAL RESERVE BAl^K OF ST. L O U I S .
Number.
21
15

M a r . 7, 1916
M a y 1, 1916

Amount.
$38,670. 00
56,953. 00

Number.
J u n o 30, 1916
S e p t . 12, 1916

0
0

15

Amount.
0
0

While a great m a n y overdrafts existed prior to June 30, there is
no^\^ only an occasional overdraft.
PENALTIES FOR RESERVE

DEFICIENCIES.

On October 26 the bank sent out a circular advising t h a t it would
assess penalties, beginning November 1, 1916, for impairment of
reserves. Banks Avere advised t h a t this penalty ^vv^ould be a sum
equivalent to an interest charge on the amount of the deficiency of 2
per cent per annum above the 90-day discount rate of this bank for
commercial paper. Since t h a t date to the close of 1916 the bank
assessed penalties amounting to a total of $2,036.01 for impairment
of reserves.
PERIODIC REPORTS REGARDING CONDITION OF MEMBER BANKS; EXAMINATIONS OF MEMBER BANKS.

Copies "of reports of condition made to the Comptroller of the Currency are sent to the Federal Reserve Agent and are analyzed by his
department.
I t has been necessary for this bank to make b u t one examination
during the year. This ^v^as an examination of a State institution
^w^hich is a member, and w^as made because the State banking department could make b u t one examination. I n order to comply w^ith the
provisions of the Federal Reserve Act, requiring at least two examinations of each member bank each year, the Federal Reserve Board
instructed t h a t an additional examination be made.
B A N K F A I L U R E S A\^ITHIN T H E

There has been
during the year.
bank for several
doors gave us no

DISTRICT.

b u t one failure of a member bank in "district No. 8
We w^ere fully informed as to the condition of the
months prior to its failure, and the closing of its
uneasiness.
GRANTS OF FIDUCIARY

POWERS.

U p to the close of 1916 the applications of 22 national banks in
this district for permission to act as trustee, executor, etc., under section 11 (k) of the Federal Reserve Act, had been granted b y the Federal Reserve Board. Sixteen of these permits v^ere granted in 1915
and six in 1916. More applications for fiduciary po^vers have come
from those portions of our district located in Indiana and Kentucky
than from any of the other States in this district.



16

AN'NUAL

REPORT

OF

FEDERAL

RESERVE

BAISTK

OF

ST. -LOTJIS.

Attached hereto as Exhibit E is a list of the national banks in this
district ^which have been granted fiduciary powers u p to December
31, 1916.
OVERDUE

PAPER.

This bank has no overdue paper on hand.
BILL

OF

LADING

DRAFTS.

On J a n u a r y 29, 1916, this bank issued a circular, advising t h a t i t
'would handle bill of lading drafts. The follo^wing is a record of t h e
drafts ^\^e have handled, both as to number and amounts and t h e
returns thereon:
Number
of d r a f t s .

1916

February
March
September
October
November
December

1
4
30
317
236
65

Total
a m o u n t of
items handled.

$1,830. 00
6,193. 88
193,327.19
1, 780, 012. 28
1, 895,138. 79
384, 70S. 81

Total
interest
charged.

$2.03
3.6»
147. 59
1,271. 70
1, 162.71
267.33

All drafts have been forwarded to a bank in the town w^here
payable for collection and remittance to the Federal Keserve B a n k
of the district in \rhich the collecting bank is located. We h a v e
never had a draft returned unpaid. Our most extensive operations
in this connection have never required more than a few hours time
each day of one of our best clerks. The bills of lading attached to
the drafts have covered shipments of flour, rice, wool, hides, cotton
seed and cotton, the larger p a r t of them being represented b y cotton.
OPEN

MARKET

OPERATIONS

OF

THE

FEDERAL

RESERVE

BANK.

This bank has purchased United States bonds in the open market,,
municipal w^arrants, and a large number of bankers' acceptances.
As stated previously in this report, practically all of these acceptances
have been purchased through the Federal Reserve Banks of New
York and Boston, and it was n o t until the latter p a r t of this year t h a t
T^e purchased a n y acceptances from banks within the district.
Detailed information in regard to these acceptances is given in an
earher p a r t of this report.
E F F E C T O F T H E DISCOUNT R A T E POLICY O F T H E B A N K U P O N
M A R K E T RATES.

GENERAL

Money has been plentiful in practically all of the banks throughout
the year, and i t has been somew^hat a problem with them to keep i t
invested. Rates have been low, b u t due to the abundance of funds,.



AISTKUAL E E P O E T O F F E D E R A L R E S E R V E BA]SrK O F S T . L O U I S .

17

it can n o t be said t h a t the discount rates of the Federal Keserve Bank
have had any especial effect upon the general market rates, except to
stabilize them.
A T T I T U D E O F T H E P U B L I C TOAVARD T H E F E D E R A L R E S E R V E S Y S T E M .

While the Federal Reserve system has not been solely responsible
for the great and continued prosperity during the past year, a t the
same time there seems no question b u t t h a t business w^ould n o t have
been conducted so freely and with such confidence, had n o t the Federal Reserve system been in existence to make the general public
feel t h a t conditions were sound and there existed an adequate
financial machinery to control credit and facilitate exchange. Quite
frequently during the year, large wholesalers have made the statem e n t t h a t they did n o t beheve the country merchants would be
buying as they were if the Federal Reserve system ^v^ere n o t in
existence.
As yet, however, the general public does n o t understand the Federal
Reserve system as it should. I t would seem t h a t the newspapers
throughout the district could n o t carry an item of more news interest
than the rediscount rates of the Federal Reserve Bank of the district.
An effort has been made to get these rates to all newspapers in this
district a t least once a week, b u t they do n o t seem to be giving the
space to them t h a t their value ^varrants, especially the country
papers and farm papers.
I n this district, manufacturers and distributors have made little
effort to introduce the trade acceptance, though this bank has a rate
on such paper having m a t u r i t y not exceeding 90 days, one-half
per cent lo^vsrer than its 30-day discount rate on notes, and the use
of them would relieve sellers from carrying the entire credit burden
as imposed by the open book account method.
The general public has confidence in the Federal Reserve system^
and is beginning to realize t h a t every bank which is a member has
a strength and solidity t h a t no bank outside the system presents.
T H E F E D E R A L R E S E R V E B A N K AND T H E

GOVERNMENT.

GOVERNMENT DEPOSITS.

The Government deposits in this bank during 1916 averaged
approximately $3,000,000 per day, the maximum balance being
reached,on July 15, when a total of $5,935,837.01 was shown. Owing
to transfers a t different periods, to other Federal Reserve Banks
through the gold settlement fund these deposits have had a great
influence on the gold reserve position of this bank, a total withdrawal during May of $3,000,000, reducing the reserve about 10 per
cent.



18

A N N U A L REPORT OF FEDERAL RESERVE B A N K OF ST. L O U I S .
RELATION TO THE UNITED

STATES

TREASURY.

In addition to the transactions incident to the deposit account
k e p t with this bank b y the Treasurer of the United States, we take
care of transactions \\rith the Treasury Department for member
banks, including transfers of funds and deposits for the 5 per cent
funds of member banks. Contrary to the opinion expressed b y several
authorities, the deposits for the redemption of national b a n k notes
of member banks have n o t ^worked a n y hardship on us. I n fact,
such transactions have been scarcel3^ noticeable in the current volume
o t the daily business.
RELATION TO T H E COMPTROLLER'S

OFFICE.

The Comptroller's Office and this bank have cooperated \Nrith each
other in every possible way throughout the year. Copies of all reports
of examinations of member banks, made under the supervision of
the chief examiner of this district, have been promptly filed with the
Federal Reserve Agent. The chief examiner and his assistants have
given us all the help in their power.
T H E F E D E R A L R E S E R V E B A N K AND N O T E

ISSUES,

GENERAL POLICY I N T H E MATTER O F NOTE I S S U E S .

During the year, this bank laid down as a general policy t h a t ,
notwithstanding the cost to it of Federal Reserve notes, it ^^ould
issue them freely whenever there \vas a possibility of conserving gold
or reserve money b y their use. I t is felt t h a t this b a n k should
consider itself a money reservoir for this district, and so far as in its
power it should render a service to member banks b y giving them,
without question, any kinds of money in any denominatiors needed
the moment the need is expressed. The banks seldom need gold,
b u t they do need notes of different denominations. Where the
demand has been for fives, tens, or twenties:—denominations in which
Federal Reserve notes are printed—v^e have issued them freely.
Except for one-dollar and two-dollar bills ^vhich "were scarce in this
district during the crop moving season we w^ere able to supply our
member banks with money in any denomination required.
S U B S T I T U T I O N O F F E D E R A L R E S E R V E N O T E S F O R GOLD A S C I R C U L A T I N G
MEDIUM.

Our general policy in regard to note issues, as above outlined, is
resulting more and more in Federal Reserve notes becoming the
circulating medium and gold being conserved in this bank. How^ever,
the substitution of Federal Reserve notes for gold has n o t progressed
as rapidly or gone as far in this district as we would hke. I t is still



ANN^UAL R E P O R T O F F E D E R A L R E S E R V E B A K K OF S T . LOTJIS.

19

not uncammon to find gold certificates paid out over the counter
for pocket money by both member and nonmember banks when
Federal Reserve notes would serve just as well. While member
banks are believed to be making an effort to deposit their gold in
this bank, nonmember banks seem to have quite a number of gold
certificates ^ l i c h they are paying out freely.
COVER O F N O T E S

ISSUED.

At the close of the year 1916 the total amount of Federal Reserve
notes of this bank outstanding w^as $16,889,730. Of this amount,
$12,542,730 were covered by gold deposited w^ith the Federal Reserve
Agent and $4,347,000 by rediscounts hypothecated \vith him. In
other words, the bank has eliminated its liability on all its outstanding
Federal Reserve notes by depositing gold with the Federal Reserve
Agent, except to the extent of $4,347,000, which is its present net
note liability. Against this net liability of $4,347,000 the bank has
set aside a 40 per cent gold reserve.
DENOMINATIONS OF NOTES

ISSUED.

Attached hereto as Exhibit F is a table showing amounts of each
denomination of Federal Reserve notes issued to the Federal Reserve
Bank of St. Louis, and dates of issue, for the period 1914—15 and the
year 1916.
An examination of this table indicates that the demand has been
mostly for fives, tens, and twenties, there being practically no demand
for notes of the $50 and $100 denominations.
In both 1915 and in 1916 the demand was heaviest in the months
of September, October, and November, due to the moving of crops.
AVERAGE LIFE OF NOTES

ISSUED.

I t is rather difficult to ascertain w^ith exactness the average life
of the Federal Reserve notes issued by this bank. The life of a
note depends upon the use to w^hich it is put, and this constantly
varies. On the theory that the notes of smaller denominations
change hands more frequently and are therefore subject to greater
wear, they should not last as long as notes of larger denominations
which change hands less frequently. This is borne out by the fact
that of the $2,610,270 notes of this bank which have been sent to
the Comptroller of the Currency for destruction, $1,632,205 were of
the $5 denomination, $751,015 of the $10 denomination, $214,300 of
the $20 denomination, and $12,750 of the $50 denomination, though
the total amount of the $5, $10, and $20 denominations outstanding
were each substantially the same. Thus, in this district, the higher
the denomination the longer the life of the note.



20

AI!^NUAL R E P O E T OF F E D E R A L R E S E R V E BAIN^K OF S T . LOTJIS.

At the close of 1915 there were outstanding $4,197,000 in $5 Federal Keserve notes, $2,870,940 in $10 notes, $1,928,560 in $20 notes,
and $200,000 in $50 notes, most of w^hich ^vere issued in September,
October, and November, 1915. As above stated, at the end of 1916
only $1,632,205 of $5 notes, $751,015 of $10 notes, $214,300 of $20
notes, and $12,750 of $50 notes had been redeemed and canceled.
INTERDISTRICT MOVEMENT OF NOTES,

Attached hereto as Exhibit G is a statement show^ing the amounts
of Federal Heserve notes of this bank received from other Federal
Reserve Banks for redemption or credit, and the notes of other
Federal Reserve Banks returned b y this bank to them for redemption
or credit, from January 1, 1916, to December 30, 1916.
During the year 1916 the Federal Reserve Bank of St. Loms
received from other Federal Reserve Banks $1,378,790 of its Federal
Reserve notes, and returned to other Federal Reserve Banks
$3,282,705 of their Federal Reserve notes, showing t h a t we returned
$1,903,915 more notes of other banks than we received of our own.
Chicago and New York sent us for redemption more of our notes
than any other districts, and we returned for redemption more notes
to the Kansas City and Dallas Federal Reserve Banks than to the
Reserve Banks of any other districts.
REDEMPTION

AND DESTRUCTION

OF N O T E S .

On January 25, 1916, the Federal Reserve Board, a t the request
of the Secretary of the Treasury and in accordance w^ith the provisions of section 16 of the Federal Reserve Act, requested the
Federal Reserve Agent at St. Louis to transmit to the Treasurer of
the United States in Washington an amount in gold equal to 5 per
cent of all outstanding Federal Reserve notes of the Federal Reserve
Bank of St. Louis w^hich were covered by a deposit w^ith him of gold
or l a ^ u l money. The purpose of this fund was to enable the United
States Treasurer to redeem the notes presented to him by holders
other than the bank itself. When notes are sent b y the Federal
Reserve Bank to the United States Treasurer for redemption, the
Agent, under instructions from the United States Treasurer, makes
settlement direct with the bank, usually by requesting the Federal
Reserve Board to transfer from his account w^ith the Board to the
account of the bank in the Gold Settlement F u n d an amount in gold
equivalent to the value of the notes received b y the Treasurer for
redemption.
I n accordance with the above instructions, on January 31, 1916,
the Federal Reserve Agent at St. Louis deposited with the Treasurer
of the United States, in WashmgtOn, $440,000 in gold, being approxi


AI^:N^UAL R E P O R T O F F E D E R A L R E S E R V E B A N K

OF

ST. LOUIS.

21

mately 5 per cent of the notes of this bank outstanding at that time
covered by a deposit with him of gold or lawful money, and additional deposits have been made from time to time, as notes were
redeemed, in order to keep the amount up to the required 5 per cent.
Up to the close of 1916 the following notes of the Federal Reserve
Bank of St. Louis, unfit for use, had been redeemed and destroyed:
Fives
Tens
Twenties
Fifties

-

-

$ 1 , 632,
751,
214,
12,

Total

205
015
300
750

2, 610, 270

Only unfit notes are redeemed out of the Agent's redemption fund,
and Avhen this is done they are turned over to the Comptroller of
the Currency for destruction.
The Federal Reserve Bank of St. Louis has also maintained a
redemption fund with the United States Treasurer, out of which
the Treasurer redeems all fit notes presented to him and returns
them direct to the bank for further circulation.
Of the $2,610,270 unfit Federal Reserve notes redeemed by the
Treasurer of the United States, $1,480,000 were shipped to him b y
the Federal Reserve Bank of St. Louis and $1,130,270 by other
parties.
COST O F F E D E R A L

RESERVE

NOTES.

The total cost of Federal Reserve notes issued during 1916, on a
basis of 1 cent per note, was $10,400. This does not include the cost
of shipping Federal Reserve notes to Washington by this bank or
other parties, for redemption, and the return of fit notes to the bank.
I n the past y^ar it has cost us approximately $100 a month for the
return of our Federal Reserve notes to the United States Treasurer for
redemption, figured on the basis of $0.1952 per $1,000 for unfit notes
shipped by this bank and $0.4188 per $1,000 for notes returned b y
other parties.
FEDERAL RESERVE B A N K NOTES.

During the year, this bank has not found it necessary to issue any
of its circulating notes secured by United States Government bonds.
FEDERAL

RESERVE

AGENTS

AND N O T E

ISSUES.

Attached hereto as Exhibit H is a statement show^ing the Federal
Reserve notes received b y the Federal Reserve Agent from the
Comptroller of the Currency, giving the xlates received, amounts, and
denominations. This statement covers both the period 1914—1915
and the year 1916.
During the last year, six shipments of Federal Reserve notes,
aggregating $12,940,000, were received by the Federal Reserve Agent



22

AI^:N^UAL KEPORT OF FEDERAL RESERVE BAXK OF ST. LOUIS.

from the Comptroller of the Currency, all of them during September,
October, and November, when there was a heavy demand for notes
in this district.
There is also attached as Exhibit I a summarized statement of the
receipt and disposition of all Federal Reserve notes b y the Federal
Keserve Agent, from the opening of the bank to the end of 1916, as
\vell as of all funds and securities under his control.
I N T E R N A L MANAGEMENT OF THE B A N K .
FUNCTIONS ANI> ^VORK OF DIRECTORS, EXECUTIVE COMMITTEE, O F F I CIAL AND CLERICAL STAFF, MEMBER OF ADVISORY COUNCIL.

At the election of directors held in this district during the latter
p a r t of 1915, Mr. Frank O. W a t t s , president of the Third National
Bank of St. Louis, was elected by the banks in group 2 to succeed
himself as a class A director, and Mr. David C. Biggs, vice president of
the International Shoe Company of St. Louis, was elected by the
banks in group 1 as a class B director, to succeed Mr. Murray
Carleton, each to serve for three years from J a n u a r y 1, 1916.
Our board of directors has met regularly on the first and third
Wednesdays in each month. I n all, 25 meetings of the board were
held during 1916, at all of which there was a quorum present, with
the exception of 3 meetings.
Under the by-laws, the executive committee consists of five, and
during the year 1916 ^vas composed of the governor, chairman of the
board, and Messrs. Walker Hill, F r a n k O. W a t t s , and David C. Biggs.
This committee meets twice a week. During the early p a r t of the
year it met on Mondays and Thursdays at 10.30 a. m. I n September
it began meeting on Mondays at 2 p . m . and on Fridays^at 10.30 a. m.,
and continued this arrangement throughout the year.
Before the ofi^erings are presented to the executive committee they
are submitted by the credit department at a meeting of all of the
officers of the bank, %vho pass upon them before they are reported to
the executive committee.
Mr. Franik O. Watts has represented this bank the past year as a
member of the Federal Advisory Council.
CHANGES IN P E R S O N N E L , AND IN T H E ORGANIZATION OF T H E D E P A R T M E N T S , INCLUDING T H E F E D E R A L R E S E R V E AGENT^S O F F I C E .

During the year there \vas no resignation from our board of directors, nor Avas there any change in the ofiicial force. Due to increased business, the bank found it necessary to add 15 men to the
clerical force, and it noAV has a total of 53 on its pay roll. The b a n k
believes t h a t it has a highly efficient force and is able, w^ithout confusion, to take care of any situation t h a t may arise in this district.



A I ^ N U A L EEPOKT O F FEDERAL BESERVE B A N K OF ST. L O U I S .

-S--;

23

There has been no change in the personnel of the Federal Keserve
Agent's Department. The Deputy Federal Keserve Agent, Mr. T. C.
Tupper, was also in charge of the credit department of the bank,
which included also Mr. W. H . Glasgow, assistant to the Federal
Reserve Agent.
The Federal Reserve Agent has compiled each m o n t h statistics in
regard to business conditions in this district. The chief sources of
these statistics are letters of inquiry sent to business houses throughout the district and letters to farmers located in different portions
of the district. Every effort is made to have these statistics as reliable as possible, and it is hoped t h a t these reports, published in the
Bulletin of the Federal Reserve Board, give a dependable and accurate
index of conditions during each month.
O F F I C E ANI> V A U L T F A C I L I T I E S ; B A N K

PREMISES.

During the last w^eek in December, 1915, the Federal Reserve
Bank moved into its permanent rented quarters in the Federal
Reserve Bank Building, located on the northeast corner of Broadw^ay and Pine Street.
All of our departments are located on the second floor of this
building in such a ^\^ay that, on entering the door, one can see all of
the officers and employees.
I t is a light, commodious banking room, accessible to the street
w^ithout the use of elevators, and w^e desire t h a t everyone interested
in the bank ^vill visit these quarters w^hfenever they find it possible.
An effort is made to have all member banks feel t h a t they n o t only
have a bank, b u t also a home in our office.
Our vaults are located in the basement of our building, are among
the best in the United States, and are ample for our needs.
EXAMINATIONS B Y FEDERAL BESERVE

EXAMINER.

During the year the Federal Reserve Board has made t^vo examinations of this bank, one as at the close of business May 2 and the
other as a t the close of business November 27. I t also examined
the Federal Reserve Agent's department on these dates and also on
March 11. These examinations were n o t hurried or superficial in
regard to anything. They were thorough and, for t h a t reason, extremely satisfactory to the officers and directors of this bank.
T H E CLEARING
CLEARING

TO

PROBLEM,

JULY

15, 1916.

Prior to July 15 our clearing operations were confined to the
handling of checks on approximately 370 of our member banks.
These banks had voluntarily agreed to our charging to their account,



24

^ AKItirXJAL K E P O R T O F F E D E R A L R E S E R V E B A I ^ K O F S T . L O U I S .

on the day received by us, all checks drawn on them. This plan
went into effect in May, 1915, and 'was operated until the early p a r t
of July, 1916. The number of the member banks availing themselves of our clearing privileges remained about the same throughout
the entire period.
CLEARING

A F T E R J U L Y 15, 1916.

Since July 15, 1916, a t which time the clearing plan proposed b y
t h e Federal Reserve Board w^ent into effect, we have been clearing
items on all of our member banks and on such nonmember banks as
we could collect a t par either through member banks, direct, or
through nonmember banks. W e are n.o'w clearing items on all
member banks and 877 nonmember banks in this district. The
number of nonmember banks availing themselves of our clearing
privileges is constantly increasing.
Attached hereto as Exhibit J is a table sho'wing the operations of
our present clearing system.
SERVICE R E N D E R E D T O T H E B A N K S B Y T H E G O L D S E T T L E M E N T F U N D ,

Through the medium of the gold settlement fund w^e have been
able to extend to our member banks facilities "whereby they can convert funds in other Federal Reserve cities into available exchange
with us as quickly or quicker than they could formerly. The operation of the gold settlement fund has also stabilized exchange on other
Federal [Reserve cities and done aw^ay \\^ith the fictitious exchange
market t h a t previously existed and which fluctuated to such an
extent as to make it very difficult for banks to be able a t times to
dispose of or obtain the necessary exchange.
CLEARING-HOUSE

CHARGES.

Since the establishment of the Federal Reserve Bank, the St.
Louis Clearing House has changed its rules so t h a t the general public
is receiving some benefit from the reduction in exchange charges
brought about b y the Federal Reserve system. I n some instances,
"where heretofore depositors have been charged as high as $2 per
SI,000, they are no^v charged only 25 cents per $1,000. I n St.
Louis it is the practice to charge customers a different rate for checks
cleared through the Federal Reserve Bank and checks on nonmember
banks T\^hich decline to remit a t par.
The Louisville Clearing House h a s also amended its rules, b u t not
to the same extent as the St. Louis Clearing House.
Memphis has made no change in its clearing-house rules, Thej;
are exactly the same as they w^ere prior to the inauguration of the
Federal Reserve collection system, except t h a t the national banks



A N N U A L R E P O I I T O F F E D E R A L R E S E R V E B A N K OF S T , L O U I S .

25

have obtained permission from the clearing house to remit at par
for checks on themselves received from their Federal Reserve Bank.
There has been no change in the rules of the Little Rock Clearing
House since the establishment of the Federal Reserve Bank. I t
does not require its member banks to charge exchange on out-oftown items received from local customers. I t , how^ever, does require
t h a t banks charge for remitting on checks drawn on themselves,
except, like Memphis, the national banks have obtained permission
from the clearing house to remit a t par for checks on themselves
received from their Federal Reserve Bank.
The Texarkana Clearing House has done away with all rules relative to exchange charges, leaving it discretionary w^ith each bank.
I t is hoped t h a t during the coming year clearing houses throughout
the district v^ill more generally amend their rules, so t h a t the general
public will get the benefit of a greater reduction in exchange charges.
VISITS BY M E M B E R S O F T H E

FEDERAL RESERVE

BOARD.

We have had the privilege of visits from a number of the members
of the Federal Reserve Board throughout the year. On March 15,
Gov. W. P . G. Harding and Mr. F . A. Delano made a 24-hour
visit. On May 24, Mr. A. C. Miller, having come to St. Louis to address the Missouri Bankers' Association, met with us. Mr. Paul M.
Warburg, on his \vay to address the annual convention of the American Bankers' Association, visited us on September 23, and on September 30 he and Gov. Harding, returning from t h a t convention,
made us another brief visit. Mr. Delano w^as -with us again on October 9.
I t is al^sv^ays a pleasure and greatly appreciated b y otir officers and
directors when members of the Federal Reserve Board come in personal contact ^ t h them and can discuss local conditions on the ground.
'

SUMMARY O F CONDITIONS IN

DISTRICT.

The year 1916 has been an extremely prosperous one for District
No. 8. Activity in all lines of business has increased to record levels,
except the building industry, which,While it has increased, has not
kept pace ^vith other lines.
The Federal Reserve Bank of St. Louis has h a d its p a r t in giving
confidence to business to expand. The bank itself, which closed the
year 1915 with a deficit of S97,169.29, has made u p this deficit and
in addition has earned sufficient to enable it to p a y a 6 per cent
dividend from the opening of the bank to March 31, 1915, and leave
a surplus of $12,748.15 on hand.
This bank has made considerable progress in the establishment of
its clearing system, and it is beheved t h a t at least 80 per cent of our



26

A N N U A L REPORT OF FEDERAL RESERVE BANK OF ST. LOUIS.

member banks find it satisfactory. We also feel sure t h a t our member banks are beginning to understand how easily they can rediscount with us and t h a t this bank is making every effort to be of real
assistance to them. The general public unquestionably has the
greatest confidence in the Federal Keserve system.
During the year the Federal Reserve B a n k of St. Louis has shown
a steady and satisfactory development. The real results are not
sho"wn in the dividends it has paid, b u t in the sound basis for business
it has created.
EXHIBIT

A.—Comparative statement of condition, 1915—16.
D e c . 31, 1915. I D e c . 31,1916.
RESOURCES.

Bills d i s c o u n t e d — m e m b e r s
Bills b o u g h t i n o p e n m a r k e t
.Investments—municipal warrants
United States bonds
U n i t e d S t a t e s gold n o t e s

j

,

Total
D u e from F e d e r a l R e s e r v e B a n k s
Deferred debits—transit account
D u e from m e m b e r b a n k s — o v e r d r a f t s
D u e from b a n k s a n d b a n k e r s
E x c h a n g e for clearing h o u s e

17,303.15
19,161.17
28,688. 75
19, 763. 00
849. 30
None.

146, 492. 67

P r e m i u m on U n i t e d States bonds
I n t e r e s t a c c r u e d on U n i t e d S t a t e s b o n d s
Furniture and equipment
Cost of i m i s s u e d F e d e r a l R e s e r v e n o t e s
Expenses paid in advance
Expense—organization

12, 007,310. 60

None.
4,850. 00
20,346.13
22,363. 46
1,763.79
97,169. 29

Total earning assets

$1,300,711.54
7, 036, 819. 35
575,879. 71
2, 202,900. 00
891, 000.00

3,192, 634. 92

,

$1,219,852.09
661,230. 23
341,552.60
970, 000. 00
None.

85, 765. 37

4,890,210.45

None.
46,126. 91
None.
9.75

T o t a l d e d u c t i o n s from gross d e p o s i t s

20,389,339. 94
3,065,478.15
15,595.22
71,067.46
15,221.21

4,936,347.11
,

2,971,500.00

,
,

6, 072, 000. 00
25, 050. 00
96, 612. 00

11,088,000.00
3,395, 000. 00
254,850. 00
1,449,273.00

9,165,162. 00

G o l d coin a n d gold certificates
G o l d s e t t l e m e n t fund
Gold r e d e m p t i o n fund, U n i t e d S t a t e s T r e a s i i r e r
O t h e r law^ful m o n e y

23, 556, 701. 98

16,187,123.00

T o t a l reserve cash
National-bank notes and Federal Reserve notes, other banks
F e d e r a l R e s e r v e n o t e s on h a n d
Nickels and cents

,

T o t a l o t h e r cash

651,855. 00
817,460. 00
25. 62

806, 435. 00
431,445.00
321. OS

1, 469,340. 62
18,909, 977. 32

53,075,102. 03

2,781,000.00
None.
8, 909. 70
17, 565. 64
671,363.51
2,069,873. 74
13,076, 849. 50
283, 668. 56

Total resources

1,238,201. 08

2,799, 750. 00
12,941.49
26, 791. 25
None.
2,614,398.56
12,332,388.18
30,924, 797. 50
15,430.91
45, 887, 015. 15

LIABILITIES.

Capital
U n d i v i d e d profits
Unearned discoimt and interest
D i s c o u n t on U n i t e d S t a t e s b o n d s b o u g h t
Government deposits
D u e to Federal Reserve Banks
Due to member banks
Cashiers' checks
Gross d e p o s i t s

16,101, 755. 31

Federal Reserve notes—bank liability

,

R e s e r v e d for s i m d r y e x p e n s e s

,

T o t a l liabilities

'.

,

R e s e r v e carried a g a i n s t all liabilities
p e r cent
"With F e d e r a l R e s e r v e A g e n t s t o r e t i r e o u t s t a n d i n g F e d e r a l R e s e r v e n o t e s



4, 347, 000. 00
1,604.14

None.
746. 67
18,909,977.32

53,075,102. 03

82 1
8,950,000. 00

60.8
12,542,730.00

27

AITNXJAL EEPORT OF FEDERAL RESERVE B A N K OF ST. L O U I S .
EXHIBIT

B , — C o m p a r a t i v e profit and loss statement,

Nov.

16, 1914, to Dec. SI,
N o v . 16, 1914,
to
D e c . 31, 1915.

E a r n i n g s from:
Bills discounted—^niembers
Bill.s p u r c h a s e d — a c c e p t a n c e s
United States bonds
Miniicipal w a r r a n t s
Exchange
.
I n t e r e s t on bill-ol-lading drafts
A p p r e c i a t i o n on U n i t e d S t a t e s b o n d s .
D e p l e t e d r e s e r v e x>enalties
Profit on U n i t e d S t a t e s securities sold.
S u n d r y profits

1916.

Jan. 1 to
Dec. 31,1916.

$54,298.48
6, 387. 06
7, 488. 21
16, 324. 65
3, 071. 29
None.
None.
None.
None.
33.55
87,603. 24

1914-15 loss on o p e r a t i o n t r a n s f e r r e d t o organization e x p e n s e .
1916 profit on o p e r a t i o n
1914-15 organization e x p e n s e a m o r t i z a t i o n

124, 571. 63

184, 772. 53

Total

286,158. 53

150, 601. 73
5, 854. 30
15, 425. 65
12,120. 00
770.85
None.

Total.
Expenses:
Current expenses
O r g a n i z a t i o n e x p e n s e s p r i o r t o N o v . 16, 1914.
Federal Reserve Board assessments
;.
Cost of F e d e r a l R e s e r v e c u r r e n c y i s s u e d
Commissions paid
'.
Transit department disbursements (net).

$46, 041, 34
81, 598. 79
70,362. 41
31,618.94
30,000. 00
2,782.73
17, 873. 14
2,036. 01
3, 776. 50
68.67

145,140. 98

97,169. 29

9,'749.'62
10, 720. 00
None.
99.73

141,017.55
97,169. 29

1916 s u r p l u s a v a i l a b l e for d i v i d e n d s .
D i v i d e n d p a i d D e c . 30, 1916

43, 848. 26
31,100. 11

U n d i v i d e d profits, D e c . 31, 1916.

12,748.15

Table showing volume of rediscounts accepted by the Federal Reserve Banh
of St. Louis from each State each month, the total ainount accepted from each State during
the year 1916, and the number of different banks in each State rediscounting
each month.

EXHIBIT C.—

Banks.

Amount.

January
.
February- .
March..I..
April
May
June
July
August
September.
October-...
November December-

Banks.

I$26, 286. 41
18,817.85
23,806. 40
37, 836. 43
29, 273.10
76, 897. 97
32, 639. 28
67, 994. 39
168,384.06
5, 820. 20

Total

Indiana.

Illinois.

Arkansas.

502,608. 09

14,852. 00

Mississippi.

Amount.

Banks.

Kentucky.

Amount.

Banks.

Amount.

186,418.23
33,699.94
57, 870. 34
26, 767. 60
89, 602. 89
45,618.79
91,315.35
69,923. 50
56, 275. 94
38,385. 83
79, 957. 70
43,621. 88

$96,500. 00
25,928. 85
5, 992.00
16,840. 00
6,409. 00
5, 052.50
37, 628. 00
5,057. 00
840. 00
134,179. 21
69,574. 04

$13,300.00
38,660.19
17,020.00
40, 218. 02
27, 030. 00
1,000.00
35,408. 57
23, 368. 64
231,129. 75
9,804. 50
440, 007. 50
30, 750. 00

719,457.99

404,000.60

! 907,697.17

9
6
9
8
15
10
11
7
9
8
8
5

Missouri.

Tennessee.
Total.

Banks.
January...
February..
March..'
April
May
June
July
August
September.
October. . .
November.
December.
Total.



Amount.
$19,782. 33
56,463. S3
11,489. 88
32,817. 47
30, 558. 40
27,939. 56
26, 600. 68
157,503. 57
81,176. 32
29,192. 69
12, 150. 00
485,674. 73

Banks.
12
(
'
7
12
12
13
9
6
6
6
4
6

Amount.

Banks.

Aruount.

$157,609. 29
75,5se;. 58
59,000. 98
84, 868. 77
428, 933. 06
100, 065.47
171,526. 93
310, 686. 93
192,865. 92
46, 242. 00
42, 239. 80
564, 968. 36

$183, 847.46
s 835. 39
981.
13; 577. 94
21
22, 402. 43
64, 026. 31
151. 774. 72
278', 274.64
916, 683. 41
1,001,500. 00
351, 837.28
. 587,893.11

$583, 743. 72
201, 628. 80
234, 135. 49
240, 597.91
621, 467. 95
323, 219. 44
548, 232. 41
781, 905. 78
1,723,682. 65
1,317, 108. 06
1,012,809.01
1,254, 235. 35

2, 234, 594. 09

3,588,633. 90

8,842,666. 57

28

A N K U A L R E P O R T OF F E D E R A L RESERVE B A N K OF ST. LOUIS.

Table showing the rediscount operations of the Federal Beserve Bank Oj
St, Louis, classified by maturities, classes of paper, and months in which rediscounted.

EXHIBIT D . —

11 t o 30 d a y s . 31 t o 60 d a y s . 61 t o 90 d a y s .

91 d a y s t o
6 months.

107,316.61
37, S95. 51
11,403.21
421. 44
56, 812. 00
550. 58

$90, 678. 74
14, 755. 39
7, 797. 06
33, 065. 89
238, 704. 69
48, 861. 02
57, 023. 98
.387, 752. 25
285,415.64
53,977. 72
149, 000. 00
77, 329. 72

$162,926.44
82, 395. 46
57, 350. 21
48, 749. 86
90,499. 41
55,952.70
108,769.41
90, 546. 86
324,415.78
51,797.03
132,534.50
167,283.69

$213, 236. 82
77,682. 85
93,667.87
73, 920. 78
121,665.59
88, 760. 83
217,555.97
189,155.46
419,509. 53
155,119. 13
53,171.80
71,004.70

$44,324. 01
23, 223. 37
42,165. .53
41,229.65
49, 234. 70
91,099.01
40,318.70
20, 792. 33
47,167.17
7,810.00
6, 924. 50
25,413. 75

$551,166. 01
198, 057. 07
200,980. 67
3 96,966. 18
593, 907. 99
284, 673. 66
530, 984. 67
726,142. 41
1,087,911.33
269,125. 32
398,442. 80
341,582.44

348,202. 95

1,444,362.10

1,373,221.35

1,774,451.33

439,702. 72

5, 379, 940. 45

2,620. 68

13, 830. 95
1,751.23
16,774. 75
41,763.61
24,538.98
15,145.10
12; 149. 15
43,4.53. 96
10, 860. 20

14, 532. 33

4, 840. 71
51, 155. 88

1,593.75
1,720.50
10, 241. 01
1,868.12
2, 741. 07
23,069.14
1,845.30
5, 843. 07
100, 682. 56
5,618.78
32,481.03
531. 12

236, 264. 52

188,235.45

169,522.38

626, 226. 12

13,000.00
222, 500. 00
66, 000. 00
156,000.00

123,000.00
301,000.00
23, 000. 00

110,500.00
449,000. 00
40, 000. 00
30, 000. 00

246, 500. 00
972, 500. 00
129, 000. 00
186, 000. 00

457, 500. 00

447, 000. 00

629,500. 00

1,534,000.00

10 d a y s
a n d less.
Notes:
Tanuai'y
I'^el^ruary.
May
June
July
Aiigrust
September
October
November
December
Total
T r a d e acceptances:
January
February
March
April . .
...
May
June
July
August
September
October . . . . . .
November.
. ..
December . Total

$10,000.00
93, 803. 60

279.91
3, 253. 29
3, 508. 38
624. 71
1,400.42
13,044.47
7,465.91
32, 203. 77

Commodity paper:
September
October
November
December
Total
Members'
collateral
notes:
Septeniber
November
Deceinber

*
10,000.00
500,000. 00

32, 577. 71
3,471. 73
33,154. 82
43,631. 73
27, 559. 96
38, 545. 88
17, 247. 74

6, i39. 06
331. 64
2, 957. 96
77,103. 85
68,457.54

189,271. 32
75, 482. 74
50, 366. 21
59, 152. 91

200,000. 00
425, 000. 00
167,500.00

Total

510,000.00
890,406. 72

2,930, 626. 62

200, 000. 00
435, 000. 00
667, 500. 00

792, 500. 00

Grand total

Total.

1, 302 500. 00
2, 008,456. 80

2,573,473.71

439, 702. 72

8, 842, 666. 57

E.—National banks in district No. 8 which have been granted fiduciary powersy
under section 11 (k) of the Federal Reserve Act, up to December SI, 1916.

EXHIBIT

Trustee, executor, administrator, and registrar of stocks and bonds:
First National Bank, Anna, 111.
Ayers National Bank, Jacksonville, 111.
First National Bank, Pittsfield, 111.
City National Bank, Evansville, I n d .
Old State National Bank, Evansville, I n d .
First National Bank, Mt. Vernon, I n d .
Citizens National Bank, Tell City, I n d .
First-Hardin National Bank, Elizabetlitown, K y .
Farmers National Bank, Glasgow, K y .
Henderson National Bank, Henderson, K y .
First National Bank, HopkinsAdlle, K y .
Citizens National Bank, I^ebanon, K y .
Marion National Bank, Lrobanon, K y .



ANKTJAL REPORT OF FEDERAL RESERVE BAKK OF ST. LOUIS.

29

Trustee, executor, administrator, and registrar of stocks and bonds—Continued.
Boone County National Bank, Columbia, Mo.
Exchange National Bank, Columbia. Mo.
Citizens National Bank, Sedalia, Mo.
Merchants-Laclede National Bank, St. I>ouis, Mo.
Central-State National Bank, Memphis, T e n n ,
Trustee, executor, administrator, and registrar of bonds:
Morganfield National Bank, Morganfield, K y .
Trustee, executor, and administrator:
Nokomis National Bank, Nokomis, 111.
Bedford National Bank, Bedford, I n d .
First National Bank. Versailles, Mo.

Table showing the dates, denominations, and amounts of the issues of
Federal Reserve notes to the Federal Reserve Banh of St. Louis during the period
1914-15 and the year 1916.

EXHIBIT F . —

1914-15.

Dec.
Dec.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Nov.
Nov.
Nov.
Dec.

1,1914
14,1914
18,1915
25,1915
10,1915
18,1915
21,1915
28,1915
5,1915
29,1915
12,1915
22,1915
29,1915
20,1915

Fives.

Tens.

$260,000
150,000
97,000
210,000
200, 000
80, 000
320, 000
900,000
300,000
480,000
525,000
15,000
200,000
460,000

$160,000
50,000

$80,000

100,940
160,000
400, 000

88, 560
160,000
80,000

520, 000
320,000
360,000

480,666

240,000
240,000

400, 000
400,000

400,000
160,000

4,197,000

Date.

2,870,940

1,928,560

Twenties.

Fifties.

Hundreds.

Total.
$500,000
200,000
97,000
210,000
389,500
400,000
800,000
900,000
1,500,000
1,040,000
1,125,000
15, 000
1,000,000
1,020,000

$200,000

200,000

None.

9,196,500

1916.
May
Sept.
Sept,
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.

4,1916
14,1916
19,1916
23,1916
30,1916
3,1916
6,1916
13,1916
16,1916
20,1916
1,1916
3,1916
6,1916
13,1916
5,1916

$110,000
200,000
404,350
360, 000
440,000

$40,000
400,000
352,000
400,000
240,000
560, 000
360,000
360, 000
480,000
200, 000
400,000

$400,000
243, 600
240, 000
320, 000




'
$50 1
.

.

640, 000
400, 000

240, 000
21,600
240,000
200,000
100,000
240,000
280,000
60,000

520,000
400,000
440,000
5,152,000

3, 763,600

7,092,950

8,022,940

5,692,160 !

1 . .

1

.

•

1

1
1

240,000
320,000

2, 895,950
T o t a l t o D e c . 30, 1 9 1 6 . . .

1

1
1

560,000
• 400,000

50
200,050

$150,000
1,000,000
1,000,000
1,000,000
560,000
1,000,000
1,000,000
1, 000, 000
501,600
' 1,000,000
1,000,000
100,000
1,000,000
1,000,000
500,000

None. |

11,811,600

None.

21,008,100

30

A:N^i^TJAL R E P O R T OF F E D E R A L R E S E R V E B A X K
E X H I B I T G . — F e d e r a l Reserve

notes received and

OF ST. LOUIS.
returned.

[Amounts of Federal Reserve notes of t h e several denominations received from other Federal Reserve
Banks for redemption or credit and returned t o other Federal Reserve Banks for redemption or credit
b y t h e Federal Reserve Bank of St. Louis during 1916.]
Tw^enties.

Tens.

Fives.
Exchanged with Federal
R e s e r v e B a n k of—

Received.

Returned.

Received.

$3,400
68,790
5.375
12,125
12,840
100,230
30,550

$10,870
127,770
10,740
4,600
2,850
23,240
161,000

$6,350
95,320
6,990
19,710
18,760
151,520
3,310

$7,340
97,120
7,960
2,980
2,660
19,000
71,500

$1,100
40,360
3,840
26.300
20,640
105,240
14,440

11,820
13,060
43,520
5.150

57,260
843.605
304,285
16,835

8,430
19,560
44,550
5,270

49.290
335,270
389,300
9,350

5,340
10,980
38, 240
3,840

32,220
107, 280
255,380
10.040

616,400

Total

Received.

$9,290
183,000
10,175
7,205
2,515
24,665
306,000

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Returned.

1,455,295

418,880

1,085,170

266,960

616, 840

Fifties.
Exchanged with Federal
R e s e r v e B a n k of—

•

Hundreds.

Returned.

Total.

Returned.

Received.

$700
3,150

$800
6,900

11,900
5,450
3,150
1,050

5,900
1,500
6,000
600

$28,000
430.890
30,175
15,235
8,125
94,005
545.500

$12,150
214,520
16,205
75,935
59,190
366,140
49,950

200
400
15, 800
700

500
6,450
54,250
1,400

800

14,100
1,000

25, 790
44,000
142,110
14,960

140,070
1,292,605
1,017,315
38, 625

76,550

88,000

37, 400

1,378,790

3, 282, 705

Received.

Returned.

$500
23,000
1,300
450
100
27,100
7,000

Boston
New^ Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Received.

Returned.

E X H I B I T H . — Table showing

from

the Comptroller

the Federal Reserve notes received by the Federal Reserve Agent
of the Currency during the period 1914—15 and the year 1916.
1914-15.

Date.
N o v . 16, 1914
N o v . 27, 1914
O c t . 2, 1915
N o v . 1, 1915
Total

Fives.

Tens.

$2,160.000

$840,000

1,000,000
1,200,000
4,360,000

Twenties.

Fifties.

Hundreds.

Total.

1,000,000
1,000,000

$400,000
800,000
800,000

$400,000

$3,000,000
400,000
3,200,000
3,000,000

2,840,000

2,000,000

400,000

9,600,000

1916.
S e p t . 5, 1916
O c t . 4, 1916
O c t . 12, 1916
O c t . 25, 1916
N o v . 6, 1916
N o v . 22,1916




900,000
1,000,000

$1,520,000
480,000
1,000,000
1,520,000
720,000
960,000

$960,000
720,000
960,000
480,000
400,000

$3,000,000
2,000,000
1,960,000
2,000,000
2,020,000
1,960,000

3.220,000
T o t a l received t o D e c . 30,
1916

$520,000
800,000

6,200,000

3,520,000

12,940,000

7,580,000

9,040,000

5,520,000

$400,000

22,540,000

AlSriSrUAL R E P O R T O F F E D E R A L R E S E R V E BAITK O F S T . L O U I S .

31

I.—Statement of receipts and disposition of Federal Reserve notes by Federal
Reserve Agent from opening of the Federal Reserve Bank of St. Louis y and of funds and
securities in his possession on Dec. 30y 1916.

EXHIBIT

Federal Reserve notes received from Comptroller of Currency
$22, 540, 000. 00
Notes issued to Federal Reserve Bank
$21, 008,100. 00
Notes returned b y Federal Reserve
Bank to Federal Reserve A g e n t . . . $1,496,500.00
F i t notes returned b y United States
Treasurer to Federal Reserve Agent
11, 600. 00
Unfit notes received b y comptroller
from United States Treasurer for
destruction
2, 610, 270. 00
4,118, 370. 00
Federal Reserve notes outstanding
,
Federal Reserve notes i n h a n d s of Federal Reserve Agent
Gold for retirement of Federal Reserve notes:
I n hands of Federal Reserve Agent
$5,164, 600. 00
Credit balance in gold redemption fund
868,130. 00
Credit balance vfith Federal Reserve Board
6, 510, 000. 00
Rediscounts i n hands of Federal Reserve Agent to secure Federal
Reserve notes

16, 889, 730. 00
3, 040, 000. 0 0

12, 542, 730. 00
4, 350, 506. 38

J.-—Table showing the operations of the clearing system, of the Federal Reserve
Bank of St. Louis from July 1.5y 1916, the date on which the present clearing plan, proposed by the Federal Reserve Board, went into effect, to Dec. IH, 1916.

EXHIBIT

Average
n u m b e r of
items
liaxidled
daily.

1916.
J u l y 15 t o A u g . 15
A u g . 16 t o S e p t . 15
S e p t . 16 t o O c t . 15
O c t . 16 t o N o v . 15
N o v . 16 t o D e c . 15




Average
a m o u n t of
items
handled
daily.

5,474 $2,451,748. 83
7,780 4,330,971.40
8,814 5, 677,716. 85
9,388 6,904,130.84
10,039 8,402,904.03

o

N u m b e r of
N u m b e r of n o n m e m b e r
banks on
member
which we
banks
can h a n d l e
in ttie
items at
district.
par.

469
469

468
469
469

734
763

805
851
881

Average
n u m b e r of
Average
items
a m o u n t of
sent
items
daily by
sent
member
daily b y
banks
member
direct to
banks
other
direct to
•Federal
other Federal
Reserve
Reserve
Banks
B a n k s for
for o u r
our account,
account,
not actually
not actually
handled
handled
by us.
by us.

3,369
7,517
8,294
9,437
9,739

$665,348. 29
1,127,293.35
1,731,342.81
2,015,666.17
1,837, 642.17